Social Media and Insurance

Summary

This practice note addresses the intersection of insurance and social media. It will discuss the evolution of social media, the effects that it has had on the conduct of the insurance business, and how regulators have adapted to it. The practice note will also discuss the development of new products to address the relatively new exposures inherent in social media for individuals and business. The insurance industry is also increasingly using social media for business activities like communication with clients, marketing, and data harvesting. Because insurers, producers, and other licensees use social media, there are implications for underwriting, coverage, advertising, sales, and regulation.